Cairo - Mubasher: MubasherTrade Research initiated their coverage of Qatar Islamic Bank (QIB) with a Buy/Moderate Risk recommendation, and set the stock’s price target (PT) at QAR 129.7, according to a recent report.
The research firm valuates QIB based on the average of two different valuation models: the excess return model of QAR 126.8 per share, and the warranted equity valuation (WEV) model of QAR 108.2 per share.
QIB is the second largest bank in Qatar by assets, with an 11.1% market share boasting above-industry loan growth with a well-balanced financing book, and it is set to capture some of the expected $850 million of potential inflows to Qatar Stock Exchange (QE) with FTSE's second phase of Qatar's reclassification to emerging-market status, the report indicated.
